BassFan learned today that Bagley Bait Co. has been sold to a group of private investors led by Don Hulstrand, who will be the company's general manager.
The company's warehouse and business offices will be located in Golden Valley, Minn.
"This is hugely positive for Bagley," said Bill Cullerton, who along with Jarmo Rapala purchased Bagley in 2011. "It gives us cash to build more inventory and do additional sourcing, and it gives us some good fundamental business people to work with. Don is going to be integral to our success moving ahead. We have a chance to really grow now."
Cullerton said the sale was necessary in order to achieve the goals they had set after acquiring the company known for its iconic balsa wood crankbaits.
"After Jarmo and I bought it, we spent the first 6 months just trying to get the product right," Cullerton said. "We were buying 30-year-old lures and sending them to Finland to get them weighted and balanced right and making sure the hook placement was right."
Cullerton will continue in his role heading up sales and marketing while Rapala will maintain his product design and sourcing posts.
"We think there are a lot more positive things that will happen with Bagley going forward," Cullerton said. "We knew we wanted a solid investor, but we wanted someone with a strategy and a sound business background. We wanted someone who shared our vision."